As you weigh the pros and cons, keep in mind that timing is critical.With just a few exceptions, you get only one chance to consolidate with the government loan programs. The loans that were consolidated are paid off and no longer exist.
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Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
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To complete Entrance Counseling as an undergraduate student or graduate/professional student, you will need: Financial Awareness Counseling provides tools and information to help you understand your financial aid and assist you in managing your finances. Department of Education has informed you that you have an adverse credit history and you have: Exit counseling provides important information you need to prepare to repay your federal student loan(s).
allows you to consolidate (combine) multiple federal education loans into one loan. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
You can consolidate all, just some, or even just one of your student loans.